On October 20th, Vietnam’s stock market experienced a sharp decline, with the VN-Index plummeting 94.76 points, or 5.47%, to close at 1,636.43. This marked the largest single-day point drop in the index’s history.
Numerous stocks hit their lower price limits, including those held by Vietnam’s dollar billionaires, resulting in significant losses to their fortunes—amounting to hundreds, even tens of thousands of billions of Vietnamese dong.
Specifically, Pham Nhat Vuong, Vietnam’s wealthiest individual, saw his net worth shrink by 20.4 trillion VND (approximately $870 million), a 4.5% decline. Shares of his company, VIC, fell 4.5% to 194,900 VND per share during the session.
Three other Vietnamese billionaires—Tran Dinh Long, Ho Hung Anh, and Nguyen Dang Quang—each experienced 7% drops in their net worth as the stocks they hold (HPG, TCB, and MSN) all hit their lower limits. Tran Dinh Long’s wealth decreased by roughly 3.9 trillion VND, Ho Hung Anh’s by 2.1 trillion VND, and Nguyen Dang Quang’s by 1.9 trillion VND.
Among the billionaires, Nguyen Thi Phuong Thao experienced the smallest loss, with her net worth declining by approximately 400 billion VND (around $17 million), or 1%. Shares of VJC dipped 0.3%, while HDB hit its lower limit.
According to Forbes, Pham Nhat Vuong’s fortune decreased by $728 million to $18.3 billion, ranking him 132nd globally.
Other billionaires also saw substantial declines: Nguyen Thi Phuong Thao lost $68 million, Tran Dinh Long $199 million, Ho Hung Anh $205 million, and Nguyen Dang Quang $88 million.
With a $728 million loss, Pham Nhat Vuong topped Forbes’ list of the biggest wealth decliners globally for the day.
Viettel Stocks Surge Against Market Trends
Closing the session on October 20th, the stock prices of Viettel Global (VGI), Viettel Construction (CTR), Viettel Post (VTP), and Viettel Consulting & Design (VTK) collectively surged, with gains ranging from 3.9% to 4.8%.
Vietnam Stock Market Blues: VN-Index Plunges to Record Low, VN30 Sheds Over 100 Points in a Single Session
After two consecutive steep declines, the VN-Index has plummeted by a total of 130 points from its peak. This sharp drop has erased all the gains accumulated since early October.
Nearly 150 Stocks Hit Lower Limit, Vietnam’s Market Cap Plunges by $18.5 Billion in October 20 Session
Vietnam’s stock market plunged nearly 5.5% on the first trading day of the week, making it one of the world’s worst-performing markets.
Market Plunges by Nearly 95 Points: What Are Brokerages Saying?
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Vietnam’s Stock Market Plunge: A 95-Point Record Drop and $17 Billion Wiped Out – What’s Driving the Decline?
The VN-Index plummeted 95 points (-5.47%) to close below 1,636, marking its steepest single-day decline in absolute terms in history.
